Direct Access to Junction 44 of the M6 Motorway North and South

Enterprise Zone

ENTERPRISE ZONE STATUS FOR KINGMOOR PARK, CARLISLE

During a pre-election visit to Carlisle, George Osborne, Chancellor of the Exchequer, made a commitment to deliver a new Enterprise Zone for Cumbria. In his Autumn Statement he delivered on that promise by declaring that Kingmoor Park, Cumbria's premier industrial estate will be allocated Enterprise Zone status from April 2016.

The announcement follows months of joint working between the management of Kingmoor Park, Carlisle City Council and Kingmoor's advisors Genecon and Carigiet Cowen to create a comprehensive application for consideration. This application, which included proposals on how the EZ would be delivered and managed, was submitted to the DCLG on the 17th September via Cumbria's Local Enterprise Partnership.

The proposal is for a dedicated EZ Delivery Board to be established to oversee strategic decision making, stewardship and operational delivery, reporting to the Cumbria LEP Investment Panel. The EZ Delivery Board will be made up of senior officers of the LEP, the City Council, the County Council and Kingmoor Park Properties Ltd.

All Enterprise Zones benefit from:
- All business rates growth within the zone for a period of at least 25 years being retained by the local area, to support the Partnership's economic priorities and ensure that Enterprise Zone growth is reinvested locally.

- Government help to develop radically simplified planning approaches for the Zone using, for example, existing Local Development Order powers.
- Government support to ensure that superfast broadband is rolled out throughout the Zone, achieved through guaranteeing the most supportive regulatory environment and, if necessary, public funding.

Depending on the location within the zone there could also be the additional benefit of either:
- Enhanced capital allowances for plant and machinery, in a limited number of cases and subject to State Aid, where there is a strong focus on manufacturing,
Or
- A business rate discount worth up to £275,000 per business over a five year period.

There could also be additional benefits to suit local circumstances, including:
- Tax Increment Finance to support the long term viability of the area.
- UKTI support for inward investment or trade opportunities in the Zone.

Ross Nicolson, (Estates Director), Kingmoor Park Properties Ltd, said:

"This is great news for Kingmoor Park and Carlisle. It is now all systems go to ensure that we make the most of this designation. It is testament to the important role that Kingmoor Park has played and will continue to play in the economic viability of Carlisle and will give the site and the city an edge amongst its competitors and potential inward investors across the UK".

For more information contact Ross Nicolson on 01228 674114 or email Ross.Nicolson@KingmoorPark.co.uk.